A current limiting control method for a three-level inverter, comprising the following steps: S1. when a current output from a bridge arm is greater than or equal to a current limiting threshold and a received overcurrent signal is enabled, first turning off the main switch transistors and then turning off the auxiliary switch transistors; S2. when the current output from the bridge arm drops to lower than the current limiting threshold and the received overcurrent signal is disabled, turning on the auxiliary switch transistors; S3. when the received overcurrent signal is disabled and a next PWM effective edge of the main switch transistors arrives, turning on the main switch transistors. The present invention relates also to a current limiting control device for a three-level inverter. By implementing the present invention, when the current output from the bridge arm drops to lower than the current limiting threshold, the auxiliary switch transistors are directly turned on, making it possible to ensure voltage waveform quality, and when a next PWM effective edge of the main switch transistors arrives, the main switch transistors are turned on, making it possible to ensure that a switching frequency of the switch transistors will not excessively increase, so as to reduce switching loss.